What are the journal entry, t-account, and trial balance of the following;

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

What are the journal entry, t-account, and trial balance of the following;

6:59 ilil
MIGUELITO B...
JOURNAL ENTRIES SAMPLE ONE-MONTH TRANSACTIONS
Miguelito Barrios Jr, Attorney-at-law, opened his office on Sept. 1,2020, naming the business Barrios
Legal Consultancy. The following transactions were completed during the month.
Sept. 1 Deposited P210,000 in the bank in the name of the business.
2 Bought office equipment on account from Espadilla Corp., P147,000.
4
Invested his personal law library into the business, P57,000.
Paid office rent for the month, P7,600.
10 Bought office supplies for cash, P8,850.
11 Paid the premium for a one-year fire insurance policy on the equipment and
the library, P1,860.
12 Received professional fees for services rendered, P24,600.
14 Received and paid bill for the use of a landline and internet, P2,280.
15 Paid salaries of two part-time legal researchers, P9,600.
18 Paid transportation expense, P2,880.
20 Billed Willem Van Eeken for the rendered professional services on account,
P21,200.
Transcribed Image Text:6:59 ilil MIGUELITO B... JOURNAL ENTRIES SAMPLE ONE-MONTH TRANSACTIONS Miguelito Barrios Jr, Attorney-at-law, opened his office on Sept. 1,2020, naming the business Barrios Legal Consultancy. The following transactions were completed during the month. Sept. 1 Deposited P210,000 in the bank in the name of the business. 2 Bought office equipment on account from Espadilla Corp., P147,000. 4 Invested his personal law library into the business, P57,000. Paid office rent for the month, P7,600. 10 Bought office supplies for cash, P8,850. 11 Paid the premium for a one-year fire insurance policy on the equipment and the library, P1,860. 12 Received professional fees for services rendered, P24,600. 14 Received and paid bill for the use of a landline and internet, P2,280. 15 Paid salaries of two part-time legal researchers, P9,600. 18 Paid transportation expense, P2,880. 20 Billed Willem Van Eeken for the rendered professional services on account, P21,200.
22 Received water and electric bill for the month P4,200 due on October 5,2020.
25 Paid Espadilla Corp of the amount owed for the acquisition of the office
equipment recorded earlier, P15,000.
26 Acquired a service vehicle in the amount of P195,000 paying a down payment
of P50,000 and issued promissory notes for the balance.
27 Received advance payment from Mark Peter Villanueva for legal consultancy
to be rendered next month, P6,000
30 Miguelito Barrios withdrew cash for personal use, P20,750.
Required:
Journalize transactions,prepare general ledger and trial balance for the month of September 2020.
Use the following accounts:
110
Cash
120
Accounts Receivable
130
Office Supplies
140
Prepaid Insurance
150
Office Equipment
510
Salaries Expense
160
Professional Library
520
Transportation Expense
170
Vehicle
530
Telecommunication Expense
210
Accounts Payable
540
Rent Expense
220
Notes Payable
550
Utilities Expense
230
Utilities Payable
240
Unearned Legal Services Revenue
310
M.Barrios, Capital
320
M.Barrios, Drawing
410
Legal Services Revenue
Transcribed Image Text:22 Received water and electric bill for the month P4,200 due on October 5,2020. 25 Paid Espadilla Corp of the amount owed for the acquisition of the office equipment recorded earlier, P15,000. 26 Acquired a service vehicle in the amount of P195,000 paying a down payment of P50,000 and issued promissory notes for the balance. 27 Received advance payment from Mark Peter Villanueva for legal consultancy to be rendered next month, P6,000 30 Miguelito Barrios withdrew cash for personal use, P20,750. Required: Journalize transactions,prepare general ledger and trial balance for the month of September 2020. Use the following accounts: 110 Cash 120 Accounts Receivable 130 Office Supplies 140 Prepaid Insurance 150 Office Equipment 510 Salaries Expense 160 Professional Library 520 Transportation Expense 170 Vehicle 530 Telecommunication Expense 210 Accounts Payable 540 Rent Expense 220 Notes Payable 550 Utilities Expense 230 Utilities Payable 240 Unearned Legal Services Revenue 310 M.Barrios, Capital 320 M.Barrios, Drawing 410 Legal Services Revenue
Expert Solution
steps

Step by step

Solved in 4 steps with 5 images

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education